Saga in talks with Australia's Open Insurance over sale of underwriting arm

10th Feb 2023 07:37

(Sharecast News) - Saga confirmed on Friday that it is in exclusive discussions with Open Insurance Technologies over the potential sale of its underwriting business, Acromas Insurance Company limited (AICL).

In a very brief statement responding to media speculation, Saga said: "Discussions are ongoing and there can be no certainty that any transaction will occur.

"Any disposal of AICL would require regulatory and shareholder approvals."

It said a further announcement will be made in due course.

Earlier, Sky News reported that Open, an Australian insurance group, was in pole position to buy the business from Saga.